Bankruptcy Myths

Myths About Bankruptcy

Many people have misconceptions and misinformation about filing for bankruptcy and what it means for their life situation. Some people hesitate to get debt relief because they feel ashamed or feel it is their fault. It is important to remember that many people just like you fall behind financially due to circumstances beyond their control and that Chapter 7 bankruptcy is your right under the law to debt relief.

Chapter 7 bankruptcy is something many people feel anxious about, yet most people who file and have their debts discharged ask why they waited so long to do it! Contact me online or call 708-479-1144 to schedule your free initial telephone consultation.

When trying to understand your rights, working with an experienced and honest lawyer is important. I am attorney Steve Beck, and I have over 37 years of experience helping clients throughout Will County and Cook County, Illinois, get the debt relief they need. I believe that well-informed choices start with reliable, accurate information.

Bankruptcy Myth 1: Filing for Bankruptcy Will Ruin My Credit

This is not true. For many people, filing for bankruptcy often causes credit scores to go up! Because you will not be able to file for bankruptcy for another eight years, you may be more attractive to creditors than before you filed. In many instances, your spending power will increase.

Bankruptcy Myth 2: I Cannot File Because I Am Current on My Bills

False. Even if you are current on your bills, you will still be able to file as long as you meet the income and other eligibility requirements of Chapter 7 bankruptcy.

Bankruptcy Myth 3: I Cannot File Because I Owe Federal Taxes

False. As long as you have not filed for Chapter 7 in the past eight years, and if you meet the income requirements, you will likely qualify. Owing federal taxes, by itself, is not enough to disqualify you from the debt relief that Chapter 7 offers.

Bankruptcy Myth 4: My Bad Credit Will Taint My Spouse's Credit Score

Not true. You and your spouse have separate credit scores, and after you marry, they remain separate. You cannot "taint" your spouse's score simply by marrying him or her.

Bankruptcy Myth 5: Filing for Bankruptcy Will Cause Me to Lose My Car and House

False. Generally speaking, if you meet the income and asset limits to qualify for Chapter 7 bankruptcy, your house and car are exempt from the bankruptcy estate. This means they cannot be taken away from you to pay off your debts.

Bankruptcy Myth 6: I Heard the Law Changed and I Won't Qualify Anymore

This is not true. Most people, unless they have very high-income jobs, will qualify for Chapter 7.

Contact an Experienced Chapter 7 Lawyer Today

Bankruptcy is something that you may feel stressed and uncertain about, but I assure you that you do not have to feel that way. The first step to making the right choices is getting the right information. Contact me online or call 708-479-1144 to schedule your free telephone consultation, and find out if Chapter 7 is right for your situation.

I meet with clients by appointment and offer weekend and evening hours as needed. My office is located near the intersection of 191st Street and La Grange Road.

I am a debt relief agency. I help people file for bankruptcy relief under the Bankruptcy Code.

Steve Beck, Lawyer
Phone: 708-479-1144 
Fax: 708-478-6047 

Office address:
19250 Everett Lane, Room 102
Mokena, IL 60448
Map and Directions

Mailing address:
19317 Manchester Drive
Mokena, IL 60448